Heron Data launches free merchant extraction API01 Oct 2021
TLDR: make your transaction feed delightful with our free merchant extraction endpoint.
Transactions are messy
Whether you work with card data from Marqueta, bank data from Yodlee / Plaid, Open Banking data from TrueLayer, or Direct Deposit Account data from Unit you have probably spent cycles cleaning and normalising the data. We certainly did.
When building our first Fintech we spent tons of time writing regexes, populating a merchant database, building NLP, NER, and deep learning models for categorisation, identifying recurring transactions, and much more. During Y Combinator, so many companies asked to use our tech that we decided to become Heron Data.
We power transaction enrichment for Business- and Consumer- focused Fintechs and FIs so they can spend more time shipping features
Our customers love us because we make it 100x faster to:
- Engage users with a beautiful transaction feed complete with with clean merchant names and icons. Our payment_processor field even makes dealing with pesky intermediaries like PayPal a breeze.
- Shed light on spend with powerful merchant- and category-analytics dashboards
- Increase cards issued per customer by offering card merchant locking: allow your users to select the merchant they want to blacklist / whitelist from our merchant search endpoint, post the transaction to Heron in the Auth flow, and fail transactions without the correct merchant_heron_id
- Speed up accounting 4x by writing rules based on Heron merchants and categories rather than raw transaction descriptions
Now, we enrich $10bn+ in transactions every week and over 1m individual transactions each day. For our typical customer, we categorise 100% of transactions with 94.6% accuracy. We extract the merchant from over 80% of transactions with a sub 1% error rate and return a human readable string where we can't enrich the merchant with metadata.
Why take our word for it?
Today we are excited to launch our free merchant extraction endpoint so you can focus on building, not making your transactions look nice.